Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of June 30, 2014
July 25 2014 - 8:00AM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of June 30, 2014.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio
Composition*:
Asset
Allocation
Mortgage-Backed Securities
53.2%
Non-Agency MBS
40.7%
GNMA
6.4%
Agency Hybrids
1.8%
FNMA
2.8%
CMBS
1.5%
Investment Grade Corporate
Bonds
17.9%
High Yield Corporate Bonds
8.9%
Emerging Market Debt
7.5%
Sovereign Debt External Currency
1.7%
Sovereign Debt Local Currency
2.8%
Corporates External Currency
3.0%
Asset-Backed Securities
7.7%
Bank Loans
3.9%
Cash & Other Securities
0.8%
Credit Quality
Allocation**
AAA 15.7% AA 11.6% A 12.3% BBB 17.9% BB 11.4% B 9.6% CCC 14.9% CC
3.2% C 0.6% Not Rated 2.8%
Top Five
Investment Grade Industries
Banking
8.4%
Communications
2.2%
Energy
1.6%
Finance Companies
1.3%
Consumer Non Cyclical 1.1%
Top Five High
Yield Industries
Finance Companies 2.3% Communications 1.9% Consumer Cyclical 1.5%
Energy 1.4% Banking 0.5%
Top Five Emerging
Market Countries
Brazil 4.3% Mexico 1.4% Russia 0.8% China 0.5% Venezuela 0.3%
Currency
Allocation
US Dollar 98.3% Brazilian Real 1.2% Mexican Peso 0.5%
Average Life (years)
4.4
Effective Duration (years)
0.6
Average Coupon (%)
2.9
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$20.00
Total Assets***
$142,728,995
Net Assets
$127,089,483
Loans
0.00%
Preferred Shares
0.00%
Reverse Repos
10.88%
Market Price
$17.47
NAV
$19.06
(Daily NAV is available on market quotation systems using the
symbol XGFYX.)
Distribution Rate
$0.07250 per share
Frequency
Monthly (Declared quarterly, paid monthly) *
Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time. **
Credit quality is a measure of a bond
issuer's ability to repay interest and principal in a timely
manner. The credit ratings shown are based on each portfolio
security’s rating as provided by Standard and Poor’s, Moody’s
Investors Service and/or Fitch Ratings, Ltd. and typically range
from AAA (highest) to D (lowest), or an equivalent and/or similar
rating. For this purpose, when two or more of the agencies have
assigned differing ratings to a security, the highest rating is
used. Securities that are unrated by all three agencies are
reflected as such. The credit quality of the investments in the
Fund's portfolio does not apply to the stability or safety of the
Fund. These ratings are updated monthly and may change over time.
Please note, the Fund itself has not been rated by an
independent rating agency.
*** The difference between total assets and net assets, if any, is
due primarily to the Fund’s use of borrowings; net assets do not
include borrowings. The Fund may employ leverage in the form of
loans, preferred stock, reverse repurchase agreements and/or other
instruments. When the Fund engages in transactions that have a
leveraging effect on the Fund’s portfolio, the value of the Fund
will be more volatile and all other risks will tend to be
compounded.
Western Asset Variable Rate Strategic Fund Inc., a
non-diversified closed-end investment management company traded on
the New York Stock Exchange under the symbol “GFY”, is advised by
Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of
Legg Mason, Inc., and is sub-advised by Western Asset Management
Company, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of
principal. Investment return and the value of shares will
fluctuate. Fixed income securities are subject to credit risk,
inflation risk, call risk, and interest rate risks. As interest
rates rise, bond prices fall, reducing the value of the Fund's
share price. International investing is subject to additional
risks. These risks are greater in emerging markets.
Data and commentary provided in this press release are for
informational purposes only. Legg Mason and its affiliates do not
engage in selling shares of the Fund.
For more information, please call Fund Investor Services at
888-777-0102, or consult the Fund’s web site at
www.leggmason.com/cef.
FN1112205
Western Asset Variable Rate Strategic Fund Inc.888-777-0102
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